MISSISSAUGA, ON, Dec. 14 /CNW/ - Michael Boulter, President, COO and
interim CEO of RTN Stealth Software Inc. (the "Company" or "RTN Stealth") advised today that the Company is facing immediate liquidity
challenges in its operations and has also entered into discussions with
its principal creditors whose loans to the Company which, due to the
Company's current inability to meet its obligations as they come due,
have recently been noted in default.
"The Board of Directors of the Company met late last week to review all
of the Company's liquidity challenges, including the need to resolve
its continuing loan defaults," Mr. Boulter stated. "In addition to
urgent short-term cash flow requirements requiring resolution in the
amount of approximately $500,000, the Company has outstanding
indebtedness in the principal amount of US$2,407,212, together with
interest accruing thereon at the rate of Prime + 1%, which is now due
and payable to the creditors but which the Company is not currently in
a position to repay", he noted.
"The Company simply cannot continue to operate without fresh funding",
Mr. Boulter stated. "Discussions with investors and creditors are
continuing under the guidance and leadership of our Board", he added.
"We are working hard to achieve a speedy resolution of the Company's
liquidity challenges and will keep stakeholders fully informed as the
Except for historic information, the matters discussed in this document
contain certain forward-looking statements. These statements involve
known and unknown risks, delays, uncertainties and other factors not
under the Corporation's control that may cause actual results, levels
of activity, performance or achievements to be materially different
from the results, levels of activity, performance, achievements or
expectations expressed or implied by these forward-looking statements.
CNSX has not reviewed and does not accept responsibility for the
adequacy or accuracy of the content of this news release.
SOURCE RTN STEALTH SOFTWARE INC.
For further information: For further information:
For additional information about RTN Stealth Software Inc., please contact us at (905) 629-1333 or visit us at www.rtnstealth.com.